Home sales up in Bay County

By RANDAL YAKEY / The News Herald

Published: Friday, March 22, 2013 at 08:26 PM.

PANAMA CITY — The housing market in Bay County and the state is improving.

According to the latest housing data released by Florida Realtors, the state housing market reported more closed sales, rising median prices, increased pending sales, more new listings and a reduced inventory of homes for sale in February.

The trend was similar locally.

In Bay County, sales over the past year in Bay County were up 26 percent, the average sale price was up 2.4 percent, pending sales were up 44 percent and inventory down 30 percent.

The only statistic that was not in line with the state averages was new listings, which were down 9.9 percent in Bay County. Statewide, new listings rose about 1 percent.

PANAMA CITY — The housing market in Bay County and the state is improving.

According to the latest housing data released by Florida Realtors, the state housing market reported more closed sales, rising median prices, increased pending sales, more new listings and a reduced inventory of homes for sale in February.

The trend was similar locally.

In Bay County, sales over the past year in Bay County were up 26 percent, the average sale price was up 2.4 percent, pending sales were up 44 percent and inventory down 30 percent.

The only statistic that was not in line with the state averages was new listings, which were down 9.9 percent in Bay County. Statewide, new listings rose about 1 percent.

“Each month brings more positive signs for the state’s housing market,” said Dean Asher, president of the Florida Realtors.

Bay County single-family home sales were up 35.3 percent, from 34 homes sold in January to 46 in February. The average price of a single-family home went from $161,225 to $163,412 over a month’s time of January to February in Bay County.

Condominium sales in Bay County also went up, by 33.3 percent, with 72 condos sold in January and 96 sold in February. Eighty-four were sold at the same time last year.

The average price of a condo went from $191,352 to $198,153 from January to February.

Statewide closed sales of existing single-family homes totaled 15,666 in February, up 10.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales — contracts that are signed but not yet completed or closed — for existing single-family homes last month rose 26.7 percent over the previous February.

The statewide median sales price for single-family existing homes in January was $150,000, up 12.8 percent from the previous year. That was $24,100 lower than the national median.

According to the National Association of Realtors, the national median sales price for existing single-family homes in January was $174,100, up 12.6 percent from the previous year. States with the highest median sales prices for single-family existing homes in January were California at $337,040, Massachusetts at $282,500, Maryland at $223,469, and New York, $220,000.